CBOT soybeans rise on technical buying, post weekly gain of 1.5pc

 CHICAGO: Chicago Board of Trade soybean futures firmed on Friday on a technical bounce.

* Strength in the cash market lent additional support to soy futures.

* Buying accelerated after the benchmark CBOT May soybean futures contract broke through technical resistance at its 10-day moving average.

* The May contract closed above that key technical point for the first time since Feb. 25 after briefly topping the 20-day moving average.

* Soymeal futures also firmed, notching their fourth straight day of gains as the benchmark May contract broke through resistance at its 20-day and 30-day moving averages. Resistance was seen at the contract's 40-day moving average.

* But soyoil futures weakened, hitting a seven-week low on their third straight day of declines.

* For the week, soybean futures were up 1.5 percent, soymeal futures were up 2.3 percent and soyoil futures dropped 0.6 percent.

* The National Oilseed Processors Association on Friday said that its members processed 154.498 million bushels of soybeans last month, down from 171.630 million bushels in January but up from 153.719 million bushels in February 2018, the previous record for the month. The crush pace was below market forecasts.